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Malthus's Criticism of Adam Smith and Dynamic Mechanism of Population in the First Edition of Principle of Population

Author

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  • Taro Hisamatsu

    (Graduate School of Economics, Kobe University)

Abstract
Two issues are addressed in this paper. First, we analyze with a simple mathematical model Thomas Robert Malthus's critique of Adam Smith, the most theoretically discussed part in the first edition of Principle of Population. Second, by introducing a differential equation for the dynamics of price, unlike most of the other present scholars, we explain Malthus's dynamic mechanism of population more in detail, and thereby reconsider and reinforce his idea of encouraging investment in agriculture discussed in his critique of Smith. Thereby, we show that under the assumption set forth by Malthus, economic development created by investment in agriculture is more desirable compared to investment in manufacturing, in the view of social welfare; that Malthus's idea implied some type of precursory Keynesian idea, that is, the creation through policy of effective demand to agriculture, not to manufacture, leads to economic growth with improvement in social welfare.

Suggested Citation

  • Taro Hisamatsu, 2012. "Malthus's Criticism of Adam Smith and Dynamic Mechanism of Population in the First Edition of Principle of Population," Discussion Papers 1223, Graduate School of Economics, Kobe University.
    • Handle: RePEc:koe:wpaper:1223
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    More about this item

    Keywords

    Malthus; Smith; mechanism of population; agriculture; dynamics of price;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B16 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Quantitative and Mathematical

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